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Talenom: International recipe tested in the next few years

TNOMExtensive research29.12.2023 klo 12.34
Juha KinnunenAnalyst
Discuss
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Talenom’s earnings growth story will get back on track in the next few years as the company moves from aggressive growth to reviving profitability. The company is facing critical years for internationalization, as Sweden seeks efficiency from its own accounting system and Spain is being ramped up. After a strong price rise, the stock is no longer in the bargain bin, but if Finland’s success story can be transferred abroad, the stock is still cheap. The track record is still weak outside Finland, but the ingredients for a recipe for success are present.

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Talenom is an accounting firm that offers a wide range of services within accounting, invoice management and payroll. In addition to the main business, financial analysis and the possibility of real-time control via the company's web services are offered. The largest proportion of customers are found among small and medium-sized corporate customers in the Nordic market. The company was founded in 1972 and has its headquarters in Oulu.

Read more on company page

Key Estimate Figures27.12.2023

202223e24e
Revenue102.1121.4136.8
growth-%23.3 %18.9 %12.6 %
EBIT (adj.)15.311.415.8
EBIT-% (adj.)15.0 %9.4 %11.6 %
EPS (adj.)0.270.140.20
Dividend0.180.180.19
Dividend %2.0 %15.7 %16.5 %
P/E (adj.)34.38.25.8
EV/EBITDA14.23.83.4

Forum discussions

Hi, Apologies for the delay, I’ve been trying to take some vacation time I’ll write down some thoughts now, but we can go through this more ...
6/24/2026, 7:07 AM
by Juha Kinnunen
43
Talenom’s fresh business barometer with figures from April. I assume this reflects the revenue development of Talenom’s customer base relatively...
6/23/2026, 7:24 AM
by Karhu Hylje
13
In Sweden, headcount has been reduced, and as I understand it, it has been implied that further cuts will continue as needed. Therefore, it ...
6/22/2026, 10:34 AM
by Gold
4
Thanks @Juha_Kinnunen for the new extensive report! I still have a couple of questions in this Midsummer haze: Why do you consider a turnaround...
6/21/2026, 7:55 PM
by JNivala
28
Is Spain’s cash flow negative, by the way, if you take its lease liabilities into account? (EBITDA - depr. Leases - CAPEX)
6/21/2026, 12:06 PM
by AES
2
I have also been grabbing shares with both hands as I find it cheap, especially from a cash flow perspective. However, I would like to better...
6/18/2026, 8:36 AM
by Opo
1
Exactly this; many owners have thrown in the towel, and on the other hand, even this €0.03+€0.02 dividend isn’t causing shouts of joy when there...
6/18/2026, 7:19 AM
by Gwertheney
10